Distributed ledger technology (DLT) is a revolutionary technology that reinvents the way people trade and conduct transactions. It will change the financial, commercial and even government administration system within the next few years. You can introduce DLT into your business right now by using one of the distributed ledger technology companies.
DLT systems feature a large number of nodes that reach a consensus when processing transactions. Because of their decentralized and redundant nature, DLTs do not have single points of failure, unlike conventional databases. Such invulnerability helps them reliably resist hacker attacks.
Transparency and accessibility
All authorized DLT users can track and verify public ledger information, as well as exchange encrypted data, which forms a high level of trust. Also, this system helps quickly detect market manipulations.
Security and privacy
With native encryption, hashing, and key-based schemas,DLT provides a high level of security and privacy of information stored in it.
Digital presentation of data
Digitization of assets is a process in which the rights to an asset are converted into a digital token on a blockchain. Ownership rights are transmitted and traded on a digital platform, and the real-world assets on the blockchain are represented by digital tokens.
Due to the lack of intermediaries, the verification processes are sped up. A multi-level monitoring mechanism ensures that DLT does not need any third parties.
Reduced operational costs
Absence of intermediaries and high level of automation significantly reduce operational costs of transactions.
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DLT is a kind of decentralized accounting, which is very difficult to falsify. It enables verifying transactions in real time without asking for permission from a trusted third party. DLT technology can be used by insurance companies, banks, in logistics, in the supply chain, by government entities and for identity verification.
Lotteries and social media
The chain block is located for DLT in a decentralized system. This means that no single person or a group of people can take control of the entire system. It is convenient both in the lottery and in the social network. Despite the fact that each node of the system has copies of all data, it is impossible to change or destroy it. This unique feature ensures the ultimate transparency and security, providing the users with a variety of options.